Renewables continue to get cheaper, just not as fast as before, Lazard analysis finds

New analysis from Lazard concludes the cost of renewable energy continues to fall, though the firm's most recent levelized cost of energy (LCOE) analysis, released Thursday, also warns the rate of decline is slowing. Solar and onshore wind remain cost competitive with the marginal cost of existing conventional generation technologies, according to the new analysis. Costs for utility-scale solar have been falling about 13% annually for the last five years while onshore wind costs have declined a more modest 7% annually. Lazard has also released its levelized cost of storage (LCOS) analysis, concluding lithium-ion batteries, in particular for short-duration applications, are cheapest compared to other technologies and chemistries thanks to improving efficiencies and a maturing supply chain.